Montrose Environmental Group, Inc. (NYSE:MEG) Shares Acquired by Comerica Bank

Comerica Bank boosted its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 42.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,270 shares of the company’s stock after buying an additional 5,113 shares during the period. Comerica Bank owned 0.05% of Montrose Environmental Group worth $320,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in shares of Montrose Environmental Group by 1.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company’s stock valued at $1,686,000 after buying an additional 1,108 shares in the last quarter. Wrapmanager Inc. increased its stake in Montrose Environmental Group by 12.8% during the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock worth $187,000 after acquiring an additional 1,150 shares during the last quarter. Walleye Capital LLC boosted its position in shares of Montrose Environmental Group by 2.3% in the fourth quarter. Walleye Capital LLC now owns 52,101 shares of the company’s stock worth $966,000 after buying an additional 1,173 shares during the period. KBC Group NV boosted its position in shares of Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Montrose Environmental Group by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company’s stock valued at $4,926,000 after purchasing an additional 1,831 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Montrose Environmental Group Price Performance

NYSE MEG opened at $19.26 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The stock’s 50-day moving average is $15.00 and its two-hundred day moving average is $18.10. The firm has a market cap of $667.77 million, a P/E ratio of -12.93 and a beta of 1.80. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $49.97.

Montrose Environmental Group announced that its board has authorized a share repurchase plan on Wednesday, May 7th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

MEG has been the topic of several recent research reports. Needham & Company LLC raised their price target on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Evercore ISI decreased their target price on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.80.

Montrose Environmental Group Profile

Montrose Environmental Group, Inc operates as an environmental services company in the United States, Canada, and internationally. The company operates in three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The Assessment, Permitting and Response segment provides scientific advisory and consulting services to support environmental assessments; environmental emergency response and recovery; toxicology consulting and environmental audits and permits for current operations; facility upgrades; new projects; decommissioning projects; and development projects.